Donald Trump says Warren Buffett makes a mistake selling airline stocks

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

U.S. President Donald Trump on Friday said Warren Buffett, often regarded as the world’s greatest investor, made a mistake by recently exiting a multi-billion dollar investment in the airline industry.

Trump made his assessment at the White House, shortly after the U.S. Labor Department reported an unexpected surge in May jobs, and five weeks after Buffett said his Berkshire Hathaway Inc <BRKa.N> sold its airline stakes.

“Warren Buffett sold airlines a little while ago,” Trump said. “He’s been right his whole life, but sometimes even somebody like Warren Buffett — I have a lot of respect for him — they make mistakes. They should have kept the airline stocks because the airline stocks went through the roof today.”

Buffett did not immediately respond to a request for comment through his assistant.

At Berkshire’s May 2 annual meeting, Buffett said his Omaha, Nebraska-based conglomerate had in April sold its roughly $6 billion of stock in American Airlines Group Inc <AAL.O>, Delta Air Lines Inc <DAL.N>, Southwest Airlines Co <LUV.N> and United AIrlines Holdings Inc <UAL.O>.

Buffett said the coronavirus pandemic had changed the industry “in a very major way,” through no fault of the carriers, leaving the future of flying “much less clear.”

Many airline stocks have outpaced the broader market this week, as carriers took steps to restore some flights they had canceled because of the pandemic.

American, Delta, Southwest and United rose after the Labor Department said U.S. nonfarm payrolls grew by 2.51 million in May, and the jobless rate fell to 13.3% from April’s 14.7%.

Economists on average expected a loss of 8 million jobs, and a 19.8% unemployment rate.

Berkshire’s stock is lagging the Standard & Poor’s 500 <.SPX> for a second straight year.

Investors have faulted Buffett for not spending more of Berkshire’s cash, which ended March at $137.3 billion.

This article was originally posted on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Greenwood situation influenced decision to keep Lingard at Man Utd – Rangnickon February 3, 2022 at 2:44 pm

Manchester United interim boss Ralf Rangnick says the decision to keep Jesse Lingard at Old Trafford was partially driven by Mason Greenwood's current unavailability.

Office cake likened to passive smoking by food watchdog headon January 18, 2023 at 2:39 pm

Workers should think about colleagues' health, the chairwoman of the Food Standards Agency saysImage source, Getty ImagesPeople should not bring cake into the office...

The common thread underlying the riots, COVID, China, Twitter and Trump

The recent spate of shocking news—rioting in Minneapolis and cities across the country, 100,000-plus COVID-19 deaths, unprecedented tension with China and President Trump’s escalated...

Arsenal beat struggling West Ham to boost Champions League hopeson April 28, 2021 at 8:59 pm

Arsenal move three points clear of Manchester United in the race for a Champions League place with a 2-0 victory over struggling West Ham.Arsenal...

Chris Mason: Will Liz Truss be given more time?on October 17, 2022 at 11:39 pm

Few Tory MPs think she should lead them into an election but they are trying to work out their next move.Image source, No10 Downing...
Home of Science
Follow me